Anatomy of the Bear: Lessons from Wall Street's Four Great Bottoms

Anatomy of the Bear: Lessons from Wall Street's Four Great Bottoms

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By (author) Russell Napier

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  • Publisher: Harriman House Publishing
  • Format: Hardback | 328 pages
  • Dimensions: 154mm x 234mm x 34mm | 680g
  • Publication date: 1 August 2009
  • Publication City/Country: Petersfield
  • ISBN 10: 1906659354
  • ISBN 13: 9781906659356
  • Edition: 2
  • Edition statement: 2nd ed.
  • Illustrations note: black & white illustrations
  • Sales rank: 145,846

Product description

How does one spot the bottom of a bear market? What brings a bear to its end? There are few more important questions to be answered in modern finance. Financial market history is a guide to understanding the future. Looking at the four occasions when US equities were particularly cheap - 1921, 1932, 1949 and 1982 - Russell Napier sets out to answer these questions by analysing every article in the "Wall Street Journal" from either side of the market bottom. In the 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging. By looking at how markets really did work in these bear-market bottoms, rather than theorising how they should work, Napier offers investors a financial field guide to making the best financial provisions for the future. This new edition includes a brand new preface from the author.

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Author information

Russell Napier is a consultant with CLSA writing on issues affecting global equity markets. After studying law, he began his investment career at Baillie Gifford in Edinburgh managing funds in the Japanese, then the US and finally the Asian markets. Moving to London he was responsible for managing Asian portfolios. In 1995 he relocated to Hong Kong to become the Asian strategist for CLSA. He occupied that position full time until 1999 during which he was ranked number one for Asian strategy in all major industry polls. Since 1999, apart from fulfilling a consultancy roll for CLSA, Russell has created and established a new course called A Practical History of the Financial Markets which is taught through Edinburgh Business School.

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How does one spot the bottom of a bear market? What brings a bear to its end? There are few more important questions to be answered in modern finance. Financial market history is a guide to understanding the future. Looking at the four occasions when US equities were particularly cheap - 1921, 1932, 1949 and 1982 - Russell Napier sets out to answer these questions by analysing every article in the "Wall Street Journal" from either side of the market bottom. In the 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging. By looking at how markets really did work in these bear-market bottoms, rather than theorising how they should work, Napier offers investors a financial field guide to making the best financial provisions for the future. This new edition includes a brand new preface from the author.

Table of contents

Acknowledgements Foreword: Marc Faber Prologue, 2007 Preface, 2009 Introduction Part I August 1921 The road to August 1921 The course of the Dow - 1896-1921 Living with the Fed - A whole new ball game (I) Structure of the market in 1921 The stock market in 1921 The bond market in 1921 At the bottom with the bear - Summer 1921 Good news and the bear Price stability & the bear Liquidity and the bear The bulls and the bear Bonds and the bear Part II July 1932 The road to July 1932 The course of the Dow - 1921-29 Living with the Fed - A whole new ball game (II) The course of the Dow - 1929-32 Structure of the market in 1932 The stock market in 1932 The bond market in 1932 At the bottom with the bear - Summer 1932 Good news and the bear Price stability and the bear Liquidity and the bear The bulls and the bear Bonds and the bear Roosevelt and the bear Part III June 1949 The road to June 1949 The course of the Dow - 1932-37 The course of the Dow - 1937-42 The course of the Dow - 1942-46 The course of the Dow - 1946-49 Structure of the market in 1949 The stock market in 1949 The bond market in 1949 At the bottom with the bear - Summer 1949 Good news and the bear Price stability and the bear Liquidity and the bear The bulls and the bear Bonds and the bear Part IV August 1982 The road to August 1982 The course of the Dow - 1949-68 The course of the Dow - 1968-82 Structure of the market in 1982 The stock market in 1982 The bond market in 1982 At the bottom with the bear - Summer 1982 Good news and the bear Price stability and the bear Liquidity and the bear The bulls and the bears Bonds and the bear Conclusions - Strategic - Tactical - Then and now Epilogue: Russell Napier, 2007 Bibliography Table of figures